Media start-up Semafor stated on Jan. 18 that it will try to redeem former FTX CEO Sam Bankman-Fried’s $10 million stake in the company, according to a Jan. 18 report from the New York Times. The report specified that Semafor will look for to raise cash from other sources to make up what it is providing back.Scoop: Sam Bankman-Fried invested approximately$10 countless Semafor’s $25 million round, making him the company’s biggest outside financier. Semafor is buying back his interest and putting that cash into a separate account while it raises brand-new$$$https://t.co/3KQ5SwpDxQ!.?.!— Ben Mullin(@BenMullin)January 18, 2023 The$10 million was part of a$25 million seed funding round that allowed Semafor to get

started with its news website, which introduced in October.Semafor is the latest in a string of news sites and political groups that have said they will return cash provided to them by the failed crypto exchange and its executives. Semafor had revealed the financial investment on Dec. 2, however at the time did not dedicate to returning the money, saying just that it would seek advice from attorneys and federal government firms before choosing what to do next. This brand-new report quoted the company’s co-founder, Justin Smith, as specifying that” we are preparing to repurchase Sam Bankman-Fried’s interest in Semafor, and to put the money into a separate account up until the appropriate legal authorities provide assistance as to where the cash need to be returned.”Bankman-Fried was a frequent contributor to politicians and media groups, and critics have implicated him of attempting to use these contributions to influence the narrative about his business. Some business have looked for to distance themselves from him and his companies because the crypto exchange he established went bankrupt. On Dec. 9, the CEO of crypto news website The Block resigned after it was found that he had actually acquired loans from Alameda Research, a subsidiary of SBF’s FTX Group, that he had not disclosed publicly.Related: FTX fallout: SBF trial could set precedent for the crypto industry The Block’s brand-new CEO has actually called this absence of disclosure “a major

lack of judgment”on the part of the previous CEO, while strongly rejecting that the deal impacted the company’s editorial decisions.FTX filed for personal bankruptcy in November after suffering a liquidity crisis that prevented it from being able to honor withdrawals. SBF himself has actually been jailed on fraud charges and pleaded not guilty on Jan. 3.